Gold is rebounding at the end of the week after a correction in the odds of two key Fed rate hikes this year. Nevertheless, the price is falling for the fourth consecutive week.
Gold is still searching for support as the market is still holding above medium term support 3886. As we see from the Intraday chart, the market is facing a trading zone between support 3930-60 and resistance 4020-40.
Gold: Stabilisation not confirmed reversal – OCBC
Gold holds above $4,000 as US PCE data cools near-term Fed rate-hike bets
Gold price outlook stays bearish as a hawkish Fed and strong dollar outweigh China's buying. See key support, resistance, and what could spark a rebound.
The metal is on track for the fourth consecutive weekly loss, pressured by stronger dollar on growing expectations that Fed will start raising interest rates, with the first action expected as early as September.
Gold Price Forecast: XAU/USD holds immediate support below $4,000 as US Dollar corrects
Gold: Debasement trade over as prices slide – Societe Generale
Gold: Steadies after sharp correction – ING
As the ceasefire remains intact beyond nine weeks amid Iran-Israel tensions, gold found support at $4,011 with neutral structure while silver fell to $56.47. Strong central bank demand and silver's industrial shortages keep the longer-term outlook constructive.
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data